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RangeBreakoutSignalArrowsSystem

The indicator generates ENTRY signals based on the breakout of robust levels (Ranges), which are commonly used by professionals in breakout trading methods.(Range) Breakout levels are based on a time-based ranges (8 Preset Ranges) or market sessions.

Custom Ranges can be set based on market sessions or timings.

Once the range is broken, the indicator would generate buy and sell arrows displayed on the charts.

The indicator displays a dashboard showing multiple targets and stop loss applicable to the trade.

This indicator can be used for day trading or long term trading.

The tool identifies suitable ranges formed on the charts and helps traders to enter when there is a breakout.

The tool has three built-in range levels that can be used - TIGHT RANGE, MEDIUM RANGE and BROAD RANGE.

The Ranges can be traded as any other breakout strategy.

The benefit of trading the range breakout is to keep away from the whipsaw trading during slow/dull market conditions.


Parameters

  • NumberOfDays = 50 - set the days to show the historical ranges
  • Range = Custom - set for selecting variable time ranges or choose from eight preset ranges

PERIOD SETTINGS

  • London open - = "01:00" - periodA_begin
  • First thirty minutes after open = "01:30" - periodA_end

RANGE LEVEL SETTINGS

  • Level = Level1 - select from three levels of ranges: aggressive/medium/safe
  • ShowAllLevels = true - display all or only one
  • SignalType = CandleClose - signal upon candle close above/below the level
  • 0 For Intraday = 0 - set to zero if period A_begin and period B_end are on the same day.

TARGET AND STOP LOSS DISPLAY SETTINGS

  • TP_LineColor = Blue - Tp line color
  • SL_LineColor = Red - Sl line color
  • ArrowSize = 3 - set the signal arrow size
  • 0 for Intraday = 1 - set to zero if "period A_begin "and "period B_end "are on the same day.

RANGE AREA DISPLAY SETTINGS

  • rectAB_color = PaleGreen;
  • true - filled solid; false - outline = true - rectAB_background
  • rectA_color = Red;
  • true - filled solid; false - outline- rectA_background
  • rectB1_color = Green;
  • true - filled solid; false - outline- rectB1_background
  • Box Band Period B rectangle = 28 - rectB1_band
  • rectsB2_color = Green;
  • true - filled solid, false - outline - rectsB2_background
  • Box Band upper and lower rectangles - rectsB2_band = 56;
  • HistoryRanges =false - show display of previous days ranges

DISPLAY SETTINGS FOR TARGETS, STOP LOSS AND DASHBOARD

  • AlertsOn =true;
  • DashboardOn = true - display the dashboard
  • LinesOnCharts = true - display the targets and stop loss
  • LinesLength = 50 - set the length of the targets and stop loss


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